Bloomberg News: Terminal snooping 'inexcusable'

5/13/13 12:32 AM EDT

The editor-in-chief of Bloomberg News has apologized for the company's longstanding practice of allowing reporters to access the contact information and login activity of Bloomberg Terminal users.

Those practices, which editor-in-chief Matthew Winkler said were "almost as old as Bloomberg News," came to light last week after CNBC reported that Bloomberg News was under investigation by the Federal Reserve and the U.S. Treasury.

Winkler admitted to the terminal snooping In a column posted late Sunday night on Bloomberg View, the news organization's opinion arm.

"Our reporters should not have access to any data considered proprietary. I am sorry they did. The error is inexcusable," he wrote. "Last month, we immediately changed our policy so that reporters now have no greater access to information than our customers have. Removing this access will have no effect on Bloomberg news-gathering."

UPDATE (May 13, 1:30 p.m.): Michael Bloomberg, the New York City Mayor and founder of Bloomberg LP, told reporters on Monday that he could not comment on the terminal snooping because of a contract with the company.

"I can’t say anything. I have an agreement in the contract. You’ll have to talk to the company,” he said.